Lake Shore Bancorp (LSBK) Chairman Kevin M. Sanvidge Exercises Options

What Happened
Kevin M. Sanvidge, Director and Chairman of the Board of Lake Shore Bancorp (LSBK), exercised 14,563 stock options on September 8, 2026 to acquire 14,563 shares at an exercise price reported as $10.62, for an aggregate cash outlay of approximately $154,659. The filing also shows a corresponding derivative disposition entry at $0, which reflects the conversion/cancellation of the options upon exercise (not a market sale of the shares).

Key Details

• Transaction date: 2026-09-08; Form 4 filed: 2026-09-09 (appears timely).
• Acquired: 14,563 shares via option exercise at $10.62 (rounded; actual calculated exercise price $10.61392708). Total paid ≈ $154,659.
• Disposed entry: 14,563 shares at $0 (derivative conversion/cancellation related to the exercise).
• Shares owned after the transaction: not specified in the provided filing excerpt.
• Footnote highlights:
  • F1: Exercise price was adjusted (from original $14.38) for a 1.3549:1 exchange tied to a mutual-to-stock conversion; rounded up to $10.62 for reporting; no fractional shares issued.
  • F2: Reporting person also has 893 unvested restricted shares vesting 12/09/2026 and 893 vesting 03/18/2027.
  • F3: Options subject to this exercise are fully vested.
  • F4: There remain 2,056 unvested options from an April 23, 2024 grant (vesting over five years); 514 of that grant are vested and exercisable.

Context
This was an exercise of vested options (a purchase of shares through exercising derivatives), not a sale of shares on the open market. The filing does not indicate an immediate sale (cashless exercise) or a 10b5-1 plan. Exercises are routine insider transactions and do not, by themselves, indicate the insider’s view on the company’s stock.